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-called fiscal cliff. that's the package of tax increases for most americans and budget cuts that will hit automatically unless the white house and congress find a gentler way to solve the crisis in the federal budget. here's how treasury secretary tim geithner put it on cnbc. >> is the administration prepared to go over the fiscal cliff? >> absolutely. there's no prospect to an agreement that doesn't involve those rates going up on the top 2% of the wealthiest americans. ren, it's only 2%. >> pelley: by 2% he means individuals making more than $200000 and couples taking in 250,000 or more. republicans say rates shouldn't be increased on anyone. with no agreement, going over the fiscal cliff would be painful. the automatic tax increases break down like this: households making $20,000 to $4,000 would see an increase in $1,200 a year. incomes of $40,000 to $64,000 would see taxes rise $2,000 and in the $64,000 to $108,000 bracket taxes go up $3,500 a year. mr. obama and the republican speaker of the house talked this over today and here's major garrett at the white house. major? >> reporter:
the fiscal cliff and make sure that american families aren't faced with possible larger tax bills come january. >> wouldn't it just make you feel better if you didn't feel the real reason we'll get a fiscal cliff resolution, whether it's a little tinkering or something bigger, wasn't because they actually wanted to be home on christmas? >> i think that they absolutely should try to get this done. i certainly don't think they should go home before the situation is resolved. but i also think that when you are looking at what kind of congress we want, we want a responsive congress. we want a congress rooted in american communities, not inside the beltway. >> look, you just want mondays and fridays off, too, and your trying to make the argument to the national review as to why that is better. >> americans want their leaders to work, period. >> thanks to both of you. we appreciate it. of course, we want all your feedback. >>> next, the billionaire software tycoon john mcafee is wanted in the questioning of the death of his neighbor. martin savidge just literally caught him. he was running,
to that fiscal cliff and two very lucky americans are a whole lot rier. a look back now at the week that was. >> the fiscal cliff now just 34 days away. >> we only have a couple weeks to get something done. >> this is not a game. >> i'll sign this bill as soon as congress sends it me way. >> susan rice faces more backlash. >> i still have many questions that remain unanswered. >> there are no unanswered questions. >> somebody somewhere is waking up filthy stinking rich. >> lottery mascot doing gangnum style for us this morning. >> the week centered on a big worry. >> this fiscal cliff. >> fiscal cliff. >> we could go off this fiscal cliff. >> we are facing a fiscal grand canyon. >> reporter: it's a big deal, question is, can these guys strike a deal? >> i have to repeat, i have a pen. >> reporter: meantime, damage control for u.n. ambassador susan rice, how to smooth things over this week with republicans after those benghazi talking points. >> extremist elements came to the consulate as this was unfolding. >> reporter: the didn't work, now, their talking points. >> we are significantly trou
're perfectly willing to go off the fiscal cliff. that means a tax hike on middle class americans and maybe some of them are thinking this morning i'm not really so happy geithner said that. >> it might have been inartful for him to say it the way he said it. i think he is making a very important point, which is that the american people did vote. they voted for the one thing the president said very clearly, which is that tax rates would go up on the wealthiest. it's an incredibly popular position. it's important for republicans to know that the white house is not going to accept any kind of a deal. that's the point he was trying to make. i think all the leverage now is with the democrats, with the president. the american public is on his side. i think it's important for the republicans not to think that they can just get any kind of deal out of him because if they do go over the cliff, there is a solution. the very next day, the house can simply pass a bill, giving tax relief to 98% of americans and we go on. >> but the house is controlled by republicans. >> and it would be the republicans fault
on the fiscal cliff. and stopping automatic spending cuts and instant tax hikes from hitting every american. negotiations between the who is and congress has stalled, john boehner calling it a stalemate. there are 30 days to go. charles, draw me a picture, how does this end? is staking out their positions, and really coming and enjoying the ring around the area where they are lease protecting where they want to advance, so the presidents and the democrats are basically outlining the increased revenue side of the spectrum. and the republicans are looking at it and saying come to the table and tell us what you're going to do in terms of cutting entitlements and spending. so both of them are now at this phase where it looks like they're at lagger heads. i happen to believe that we don't know what's happening behind the scenes. some of this can just be political posturing, we don't know the discussions that are being had in private and no one wants to be the person who blinks first. the president and democrats say we won, why should we blink first. and boehner is trying to protect his job. he h
administration is ready to go over the fiscal cliff if the gop doesn't bid on higher taxes. a poll shows nearly half of those ads say it's time to end talks cuts for the wealthy but keep it in place for americans earning $250,000 or less. 32% say the tax cuts should remain in place for everyone. during a broadcast interview yesterday timothy geithner was asked what if republican don't agree to raising taxes? >> is the administration prepared to go over the fiscal cliff? >> oh, absolutely. there's no prospect of an agreement that doesn't involve the tax -- remember, it's 207b8%. remember, all of those americans, too, get a tax cut into that framework on the first $250,000 of their income. >> that said the president and speaker john boehner discussed the budget by phone yesterday. susan mcginnis is in washington with the latest on this game of fiscal chicken. susan, good morning to you. >> right. good morning, terrell. yeah, that phone call does raise the possibility that some serious talks could start soon, but now we learn that a lot of members of congress are heading out on a long weekend, not
to peeking over that fiscal cliff and two very lucky americans. they got a whole lot richer. a look back now at the week that was. >> the fiscal cliff, now just 34 days away. >> we only have a couple weeks to get something done. >> listen, this is not a game. >> you'll sign this bill as soon as congress sends it my way. >> susan rice faces more backlash. >> i still have many questions that remain unanswered. >> there are no unanswered questions. >> somebody somewhere is waking up filthy stinking rich. >> lottery mascot doing "gangnam style" for us this morning. >> money, politics and the mix dominated this week that was. the week center on a big worry. >> this fiscal cliff. >> fiscal cliff. >> fiscal cliff. >> we could actually go off the fiscal cliff. >> we're facing a fiscal grand canyon. >> okay. so it's a big deal. question is can these guys strike a deal? >> i've got to repeat. i've got a pen. >> meantime, damage control for u.n. ambassador susan rice out to smooth things over with this week with republicans after those benghazi talking point. >> exextremist elements came to the consula
it this saturday night, 8:00 p.m. eastern. >>> we're less than a month away from our trip over the fiscal cliff. the average american family could get hit hard. so what's the fairest plan of all? customer erin swenson bought from us online today. so, i'm happy. sales go up... i'm happy. it went out today... i'm happy. what if she's not home? (together) she won't be happy. use ups! she can get a text alert, reroute... even reschedule her package. it's ups my choice. are you happy? i'm happy. i'm happy. i'm happy. i'm happy. i'm happy. happy. happy. happy. happy. (together) happy. i love logistics. to investing with knowledge. the potential of td ameritrade unlocked. nyse euronext. unlocking the world's potential. to a world of super-connected intelligence. the potential of freescale unlocked. nyse euronext. unlocking the world's potential. >>> it is 16 minutes past the hour. time to check our top stories. nine bodies have been removed from vehicles inside a collapsed tunnel near tokyo, japan. huge chunks of concrete fell sunday, smashing the vehicles below. investigators say some anchor bolts on
$800 billion in tax revenue in the fiscal cliff negotiations. president obama has said there will be no deal unless taxes are raised on the wealthiest americ americans. but staunch conservatives don't want any kind of new taxes. that's where speaker boehner's job gets really tough. on piers morgan tonight newt gingrich said if all else fails, go over the cliff. >> i think that no deal is better than a bad deal. i think going off this cliff is less dangerous than letting things build up for a year or two years to an even bigger cliff. i think that the president clearly has staked out a position of nonseriousness. and i think that it's very difficult for the house republicans right now to find any practical way to get his attention. so, he just won an election. he is feeling very good about himself. he is posturing brilliantly, putting the republicans in a corner. they need to relax. they don't have an election until november 2014. >> senior congressional correspondent dana bash joins me now. dana, can we expect fire woworkt the meeting this morning? >> reporter: possibly
are saying president obama wants to go over the fiscal cliff because then taxes go up across the board. >> which is not what the president wants, but there's a big difference between this fiscal cliff and the full faith and credit of the united states. the american government has never defaulted on its debt. and now there are some, not the majority of republicans but some on the extreme of the republican party and they seem to be in control, who seem to want to default on our debt. that's crazy. if they cannot be entrusted with the full faith and credit of the united states, they should not have that leverage. >> paul, where were the overtures though? where were the overtures with this deal that was presented? i mean, listen, you don't have to be mensa to know delivering a deal like that was going to make mitch mcconnell laugh. where were the overtures for the democrats? >> first of all, it is an overture, the deal itself. the proposal. it's not the deal, it's the proposal. the republicans have not come with a counterproposal. why? they seem to be intent on falling on their sword for t
the fiscal cliff. >> one pos this, simply no agreement. the impact on the government and every single american taxpayer. it's thursday, december 6th. >> announcer: from abc news, this is "world news now." >>> good thursday morning. >> morning. >> i'm paula faris. we did establish morning is spelled m-e-r-n-i-n-g. >> m-e-r-n-i-n-g. nicely done. >> "merning," everybody. >> i'm rob nelson. we'll get to the discouraging situation on the fiscal cliff in just a moment. we do have each a verbable this morning. >> not yet. >> going to wait for it. very high tech. >> so high tech. working on this prop all day. all morning. >> weeks of planning. >>> we also have a major development in the case of software mogul john mcafee arrested last night. this morning police are taking more action after he tried to seek asylum in guatemala. a strange story gets even stranger. again he is now under arrest. >> bizarre to the nth degree there. >> yeah. >>> also this morning -- weeding through all the details on washington state's new law. [ coughing ] taking effect this morning. get it? that legalizes recreat
story -- now our fourth story "outfront." the fiscal cliff. dissension within the ranks. it seems not all republican lawmakers and conservative groups are in lockstep with john boehner. earlier i spoke with one gop house member who hasn't been on the same wave length as the speaker recently. he's in senior leadership. here's what deputy whip congressman tom cole told me about those who in the party say taxes shouldn't be on the table. >> for those who say we're putting revenue on the table, the american people did that when they elected, you know, the president and a democratic senate again. again, they have to agree to a deal or tax rates on everybody go up. i think we shouldn't -- we should do everything we can to avoid that for as many people as we possibly can. >> "outfront" tonight, grover norquist, whose anti tax pledge signed by most sitting republican lawmakers on capitol hill has been a major point of contention in this debate. grover, let me start by asking you something congressman tom cole said. he said it's the american people who spoke. this was central to the presid
. >>> the standoff over the fiscal cliff is putting jobs here in california and alison burns has more on this. >> reporter: and secretary panetta has warned the fiscal cliff would hurt our national defense. he's expected to hold a news conference any minute now. he's getting the order from the white house to brace for massive budget cut us. now, the automatic spending cuts that would kick in if congress does not reach an agreement on the fiscal cliff would force the pentagon to slice about 10% of the budget. the defense industry projects one in five defense contracts in california would be lost. the aerospace industry is projecting that 135,000 department jobs would be cut along with 90,000 jobs for a total of about 225,000 jobs lost in california over the next few years. alison burns, ktvu channel 2 news. >>> 8:16. well, today will mark the 9 oth annual lighting of the national christmas tree. president obama and his family, they will flip a switch lighting that tree this evening. neil patrick harris, remember doogie howser? he will be hosting the event. james taylor and the fray will be amo
senate democrats said they won't consider proposals to saw void the so-called fiscal cliff. not until the gop agrees that tax rates will go up on the wealthiest of americans. they said it from the beginning. president obama visited a family in virginia to layout his case. the white house says it is one of thousands of middle class families facing higher taxes if congress doesn't reach some sort of deal. house speaker insists the republicans will not go along with a higher tax rate for anybody, but an incrowsing number of republicans -- an increasing number of republicans are saying they will have to give in to democrats' demands. you know i read a number of websites that said republicans have waived the white flag on some issues, but not all of them. assuring republicans they don't have to vote for a tax increase. >> and it technically may be correct, but not many are buying this new strategy from the white house since the tax cuts from the middle class and those from the top 2% are both set to expire at the end of the year. the white house says congress really only has to extend one
the fiscal cliff. jessi jessica, thank you. >>> as things stand right now, republicans want to keep all the bush tax cuts, but raise $800 billion by limiting some tax deductions, loopholes, et cetera. they also want to save will the $600 billion by cutting health care spending. the president says the republicans' proposal doesn't work because of the math. he wants to raise $1.6 trillion in taxes, twice as much as the republicans. and he wants to do it mostly by increasing tax rates on the top earners and proposes to cut health care spending by $350 billion. i'm joined by gloria borger. where do we stand on the expiration of the bush era tax cut? >> we are where we are, and what was interesting to me in listening and reading the transcript of that bloomberg interview today with the president, sometimes you have to listen to what the president did not say. of course, he wants the tax rates on the wealthy to go up. did he specify the 39.6% rate of the clinton years? he did not. so is there a little give ultimately to sort of say what if it doesn't go up to 39.6%, but say 37%, is that somet
with the fiscal cliff. but it has everything to do with obamacare. >> now, it is true that a lot of those taxes did take place after the election. that's something we pointed out and is a fair point. but let me just ask you about the compromise we have to go to. because like i said, again, to get this done, taxes are -- i mean, they're going to go up on somebody. i just believe that this is what is going to happen. i think tom cole thinks it's going to happen. i think tom coburn thinks it's going to happen. i wanted to play a bite from him and get your reaction. here he is. >> sure. >> i'm okay to compromise even on some of my issues, if, in fact, we'll solve the problem. but what we have is a game being played for political -- for the extreme right wing and the extreme left win rather than coming together and leading and solving the problem. >> so grover norquist. if you had to accept the tax rates would go up, all right, just they're going to go up and they're going to go up on somebody. what would you really want in return? not revenue-neutral. real tax increases. what do you want in return?
the fiscal cliff? >> oh, absolutely. again, we say there's no prospect for an agreement that doesn't involve those tax rates going up. remember, it's 2%. remember, all of those americans, too, get a tax cut into that framework on the first $250,000 of their income. >> that said the president and speaker john boehner discussed the budget by phone yesterday. susan mcginnis is in washington with the latest on this game of fiscal chicken. susan, good morning to you. >> right. good morning, terrell. yeah, that phone call does raise the possibility that some serious talks could start soon, but now we learn that a lot of members of congress are heading out on a long weekend, not to return till tuesday. this as the impasse here on capitol hill continues and the nation waits. social security workers marched outside their office in baltimore wednesday. they're protesting the government spending cuts due to kick in at the end of the year as part of the fiscal cliff. >> we don't want to see our public hurt in any way. >> just down the road in washington, d.c., the standoff continues. house speaker john
the american economy. i've been warning you for months about the fiscal cliff, the economic storm of our own making. today, we saw a report indicating that u.s. manufacturing essentially ground to a halt in november. one of the culprits was clearly the uncertainty for business that has been created by this fiscal cliff threat, orders for new goods are flat. factories are cutting workers. this can be fixed. it is reversible. but the signs are clear that the damage is being done. quite a different story by the way over in china where manufacturing output, which had been slowing, picked up in november. it had months of slowdown. now, back to washington. what are the chances that lawmakers in washington will act in time to avert the fiscal cliff? if you go by what both sides are saying right now, not great. >> what we're not going to do is extend the tax cuts for the wealthiest americans. those cost a trillion dollars over ten years and there is no possibility that we're going to find a way to get our fiscal house in order without the tax rates going back up. >> nobody wants to go over the cliff
because of the impasse and also the fact that the consequences of the fiscal cliff, these spending cuts and these tax -- pardon me the spending cuts and the tax increases that kick in here at the end of the year, the consequences are very dire and following the election the white house and democrats think that they can really push republicans into a corner here. >> brianna keilar for us. thank you. just ahead we're going to be talking with connecticut senator richard blumenthal will join us to talk a little bit about the democrats' responsibility about this impending fiscal cliff. another story we're following, friends and family of kansas city chiefs jovan belcher looking for answers this morning after he killed his girlfriend and then took his own life. his team took to the field just a day after the tragedy. it was i guess kind of a somber victory. they beat the carolina panthers 27-21. just their second game of the season. saturday morning belcher shot his 22-year-old girlfriend kasandra perkins and then turned the gun on himself outside the practice facility. he and perkins leave b
up on the wealthiest americans, there will be no deal to avert going over the fiscal cliff. >> we're going to have to see the rates on the top 2% go up. and we're not going to be able to get a deal without it. >> reporter: house republicans are adamant, no tax rate increases. >> we're willing to put revenues on the table. revenues that come from closing loopholes, getting rid of special interest deductions and not raising rates. >> reporter: but what the republicans are offering sounds a lot like what the president wanted during last year's budget showdown. >> give us $1.2 trillion in additional revenues, which could be accomplished without hiking tax rates by eliminating loopholes, eliminating some deductions. >> reporter: today, however, the president says those moves will not be enough. and the latest pew poll shows a lot of public pessimism. with 49% of the public saying they do not expect a deal to be struck by the deadline. 40%, a little more optimistic. george? >> sure looks like this will go right to the deadline. jake, thanks very much. >>> george, now, we're going to get
laid down this harsh fiscal cliff marker. >> is the administration prepared to go over the fiscal cliff? >> oh, absolutely. again, there's no prospect to an agreement that doesn't involve those rates going up on the top 2% of the wealthiest americans. remember, it's only 2%. >> reporter: that danger not enough to keep congress in session. it's already quit for the week as most lawmakers assume correctly, they are not players until there's a deal. president obama, in a meeting with some of the country's largest corporations demand that congress raise the debt ceiling without any strings attached. >> if congress in any way suggests that they're going to tie negotiations to debt ceiling votes and take us to the brink of default once again as part of a budget negotiation, i will not play that game. because we've got to break that habit before it starts. >> reporter: the president sees the fiscal cliff showdown as an opportunity to break that linkage for good. republicans say they will not increase the debt ceiling now $16 trillion and due to expire in februar
to do in the short term is avoid the fiscal cliff. the major decisions with regard to tax reform, social insurance programs, et cetera, can't and shouldn't be made until next year, after the american people are engaged and the committees do their work. >> david gergen, how do you get the political solution that opens the door to the policy conversations? >> well, i was encouraged that the republicans actually came forward with something today. a lot of people thought they would not. the president as you know, his team rejected it late this afternoon, but nonetheless, if people truly want to find a bridge to avoid the fiscal cliff, a way to get to the big issues as david walker says would have to come next year, i think they're the makings of it here. each side will have to compromise some more. each side will have to eat a little crow but i think it's imperative that the president take the view that what he's looking for is a win-win. if they take a win-win approach, i think they can get a deal. >> comment on that point. if two wrongs don't make a right but the two nonstarters maybe make
. >>> americans could be singing the blues if congress doesn't act to avert the fiscal cliff. the longer congress waits the more complicated for businesses to figure out how much to pay workers early next year. the confusion could cost employers money, especially small businesses which use payroll software which takes time away from running their business. starbucks ceo howard schultz agrees. >> this single issue has a seismic affect on the rest of the world that we have never been as connected in the domino effect of a bad outcome here will have significant negative consequences domestically and around the world. >> negative consequences, seismic or not, none is stopping starbucks plans for 1,500 more cafes across america next year. and just as many around the world. but we get his point. >>> speaking of the fiscal cliff, we know what the parameters of a deal in congress will look like, right? on taxes, republicans give in to raise taxes on the wealthiest 2% and democrats will agree to rein in tax breaks, right? democrats are fighting hard to preserve the tax deduction for state and local taxes,
on washington, d.c. and trying to figure out every last move in the fiscal cliff? do you worry about that from your colleagues in the house? >> well, i've got to tell you, i've been here 18 years. this is going to be a negotiation between the president of the united states and house speaker john boehner. and so we have engaged in some charades over the last 18 years where we all like pretend to be working in our offices, but we're not doing anything to get this done because there's nothing we can do. this is going to be a discussion between the top leaders of the house and the white house. and when they signal -- sort of like the pope being elected. when the white smoke comes out of the capitol, we can come back and execute the deal. >> wow, i don't know how i feel about the whole pope reference, talking about congress. >> that's better than being sentenced to church, i guess. >> i suppose that is true. and, in fact, that's going to be our next story. steve latourette, always nice to have you. when you're in new york, we would love to have you come and sit down with us on our panel. >> would l
into the whole fiscal cliff debate up on capitol hill, which is republicans trying to decide whether they're going to go over that cliff in order to preserve a tax cut for the wealthiest 2% of americans. this is a big -- >> a big moment. a big moment for the republican party. let me just put it -- i want to hear a little bit more of the sound and we'll keep the conversation going. take a listen. >> both parties tend to divide americans into our voters and their voters. let's be really clear. republicans must steer far clear of that trap. we must speak to the aspirations and the anxieties of every american. >> i've heard it suggested that the problem is that the american people have changed. too many people want things from government. but i'm still convinced that the overwhelming majority of our people just want what my parents had, a chance. >> back to what you were talking about with the fiscal cliff. do you think depending on what the republicans do here in these final, what, two weeks, might that be sort of a harbinger of things to come, a harbinger of the next republican party? >> ye
Search Results 0 to 39 of about 40 (some duplicates have been removed)